Audit Defense

There may be no event in all of corporate management that is more stressful or intrusive than dealing with an unclaimed property audit. JMS is vastly experienced in dealing with Delaware, and all other states conducting these audits.

Regardless of where your company is in the process, we are here to help. We develop an appropriate and aggressive audit defense strategy from beginning to receipt of the closing letter. Our audit defense approach includes adherence to a 180-point work plan.

Plan overview:

Maintain productive working relationships and an effective communication protocol with the auditor

Reduce audit exposures by the identification and proposal of mitigation strategies

Review and respond to any state/auditor correspondence

FAQ About Audit Defense

Q. I received a notice from a state/auditor informing me that my company is under audit. What do I need to do now?A. Allow the JMS Audit Defense Team to assist with this process and develop a plan so that information flows between your company and the state/auditors in a smooth and efficient process.

Q. We have tried to handle the auditors on our own and now we are overwhelmed. Can your team help out mid-audit?A. The JMS Audit Defense Team can assist at any point in the audit process. We have decades of combined experience defending audits for companies of all sizes and understand the lengthy process of an audit.

Q. The state auditors requested a massive amount of records that they would like to review. Should I just trust that they know what they are doing?A. NO! You do not need to turn over any records until an NDA has been signed by all parties and the auditors have explained (in writing) why the documents are relevant to the audit. Let our team guide you in this process.

Q. I thought I could devote enough time to this audit and it’s turning out to be more complicated than I anticipated. Can you help?A. Of course. Call our Audit Defense Team and get the help that you need.

About

JMS is a firm dedicated to escheat process development and improvement. It is our mission to help our clients mitigate risk and capitalize on opportunities resulting from accurate and properly managed unclaimed property compliance.

The Unclaimed Property Blog

Following the lead of many other states enacting similar legislation, Illinois just recently passed HB 302 (Public Act 100-0543), which significantly amends the state’s Unclaimed Life Insurance Act... Read more »

On October 1st, the Delaware Department of Finance issued final regulations as it pertains to the state’s auditing procedures. These regulations became officially effective on October 11, 2017. Wh... Read more »